Multiple Schedule Cs and a SIMPLE
I have a client who has multiple Schedule Cs. Can he set up a SIMPLE account for each Schedule C and contribute $15,500 (he is over 50) to each, or is the $15,500 an aggregated amount across all his different businesses?
Permalink Submitted by Alan - IRA critic on Fri, 2019-03-08 20:55
He only needs one SIMPLE IRA account, but must cover all eligible employees under the plan. His own salary reduction contributions are limited to 15,500 total, and there are further limits if he happens to be participating in a 401k plan with another employer.
Permalink Submitted by John Going on Fri, 2019-03-08 21:28
Appreciate the speedy response!